◂ Event Timeline

May 12, 2023POLICYGlobal

Exclusive: Iraq does not expect OPEC+ to make further cuts at June meeting

Iraq's oil official said OPEC+ will make no additional reductions at the June 3-4 meeting. He added that Iraq cannot cut output further.

WHY IT MATTERS

No further cuts signal that supply will not be tightened beyond current levels, which could cap crude price gains.

AFFECTSCrude Oil (Brent)◆

SOURCE
reuters.comAref MohammedMay 12, 2023

Price reaction & history

Crude Oil (Brent)◆neutralSO FAR1d -1.1%5d +0.9%20d -0.5%

After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.

Jan 29, 2024No changes to oil production policy expected at OPEC+ meeting-6.0%
Dec 1, 2019Five things to watch at this week’s Opec meeting+3.1%
Aug 11, 2019Opec mulls further output cuts to support oil prices+1.5%
Jan 29, 2025Kazakhstan to decide on oil output cuts after OPEC+ meeting | Reuters-1.7%
Jul 25, 2024What Is Likely to Happen at Next OPEC Meeting? | Rigzone-1.6%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

Crude Oil (Brent) BRENT · GP ▸

——— · ·

Loading…